Bitget Wallet adds virtual accounts for stablecoin deposits

The cryptocurrency wallet provider has introduced dedicated virtual accounts for receiving bank transfers in USD and EUR, which automatically convert into stablecoins $USDC or $USDT. The service aims to facilitate salary payments, client transactions, and family transfers through the wallet's interface. While marketed as having 'No banks,' the service relies on regulated financial partners to provide account services, with cash deposits and withdrawals unavailable.

Account details vary by currency and region. USD accounts provide account and routing numbers for ACH, Fedwire, and SWIFT transfers, while EUR accounts use IBAN and BIC for SEPA transfers. Availability depends on the user's jurisdiction, with some regions supporting only one currency or specific clearing networks. Users must verify their identity in Bitget Wallet and submit documents for approval, with the standard review process taking a few minutes.

Compliance and Fees

Bitget conducts compliance checks on identity, intended account use, and fund sources. Applications requiring additional review typically follow a different timeline, with applicants having 10 working days to submit supplementary documents. Failure to respond within this period results in account opening failure. For deposits, Bitget charges a fixed transaction fee plus a percentage of the amount, followed by a network fee for conversion into stablecoins.

Transfer Limits and Costs

USD transfers incur different fees based on the payment network: ACH costs $0.50 plus 0.3% with 1-3 day arrival, Fedwire costs $14 plus 0.3% with same-day arrival, and SWIFT costs $30 plus 0.3% with 1-5 day arrival. For EUR, SEPA transfers cost €0.50 plus 0.3% with 1-day arrival. Minimum deposits are $50 for USD and €1 for EUR. Larger transfers above certain thresholds may require Enhanced Due Diligence (EDD).

USD transfers above $5,000 (non-personal) or $10,000 (personal) and monthly cumulative amounts over $20,000 may trigger additional review. For EUR, single transfers above €15,000 and monthly totals over €30,000 may require EDD. The service provider may request additional information even for transfers below these limits based on risk assessment. Users have 10 working days to respond to EDD requests, or funds will be returned.

Refunds and Support

Returned transfers are refunded to the original sending bank account within 10 business days, with Bitget charging no additional refund fee. However, original transaction and bank-channel fees are non-refundable. For abnormal deposits or refunds, users can check order details and submit customer support requests with proof of deposit, payment bank information, and transaction details. Bank delays, holidays, and non-working days may extend processing times.

The service specifically warns that transfers below minimum amounts may fail, including test payments. Users experiencing EDD delays should look for emails from the service provider named Noah and submit additional documents promptly. The complete list of supported receiving networks is available through the in-app Virtual Account page, with details varying by user's region and currency selection.